"O I say Ol' chap real estate caused the Bank of Scotland and other banks and societies in the UK to go bust and the government having to bail them out with billions of taxpayer funds."
That's what they are saying. Banks all over the world were highly exposed to the US mortgage market, and the way securities and exposures were being passed around banks became very unsure what their exposure actually was. Access to finance rapidly decreased and the bubble that everybody knew was there burst.
As for Senator Joe. I understand he was not the most charming of men and his methods were perhaps lacking in nuance but there were actually reds under the bed. The Rosenbergs were guilty.



.at least I get an instant coffee in a styrofoam cup sometimes.
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